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Globally, an estimated £1.4 trillion changes hands in bribes every year. UK business has a vital role to play in tackling this corruption. But why should they do so?
Bribery and corruption scandals have a major impact on every aspect of a company, from fines and reputational damage to internal issues such as the erosion of staff morale. Furthermore, bribery creates an unequal playing field, syphoning billions out of markets and takes a huge toll on the world’s poorest people. A world without bribery is a fairer and more prosperous place.
Admittedly, reducing the insidious impact of corruption in business will not be easy. Companies have to identify and mitigate the risks. For many, including small and medium-sized businesses, keeping on top of new legislation and avoiding becoming embroiled in corrupt practices is a challenge. This is particularly true when dealing with customers from countries where corruption is a high risk.
The key to any successful approach to preventing corruption is a dedicated, professional staff with the right information and guidance at their disposal.
Transparency International UK’s free Global Anti-Bribery Guidance Portal has been developed specifically with that in mind. It offers advice on anti-bribery and corruption best practice developed by Transparency International-UK experts with the help of more than 120 leading compliance and legal specialists.
Our latest revamped version of the portal has gone live. With support from FTI Consulting and DLA piper, it includes practical summaries of anti-bribery legislation from China, Brazil, and Ukraine and other jurisdictions, equipping companies with the knowledge to safely conduct business in these higher risk markets – and avoid the legal, financial and reputational costs that follow from bribery.
Topics include risk assessment, due diligence, managing third parties and aligning incentives to behaviour. In addition to bribery, it also covers other areas of corruption risk that companies increasingly need to be aware of, such as political engagement and transparency in corporate reporting.
A core principal of Transparency International UK is that tacking corruption effectively requires a collective approach with business, civil society and government working together.
We know our portal has already become a valuable tool for legal and compliance professionals. Do share word of it widely so that together we can work to ensure that the UK continues to be a good place to do business.
Learn more about International Anti-Corruption Day here.
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